Best way to protect your Bitcoins wallet

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Quote from: Upgrade00 on June 15, 2024, 10:38:24 AM

One should also be careful where they purchase their hardware wallets from. There have been cases were people bought hardwares from third party sources, that is platforms that connect sellers and buyers, this can come pre set with a wallet which the seller has access to, anything sent there will be stolen, or it can come with a malware that puts the user at risk.

Some people will still buy the hardware wallets from the third party sources and they believe that once they get the hardware wallet they will reset it and won't you the same passphrases that came with the box-packed wallet. To their knowledge, there are cases where the wallet is hardware tempered, meaning that no matter how many times to software reset it, once you send your coins to the wallet, that 3rd party seller can still access and get hold of your coins.

So hardware wallet is the most secure way to store your cryptocurrencies but how to secure your hardware wallet, is a separate science

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Quote from: tabas on June 15, 2024, 04:08:57 AM

we only use cables what's being provided by the hardware wallet we bought and never use random of it.

One should also be careful where they purchase their hardware wallets from. There have been cases were people bought hardwares from third party sources, that is platforms that connect sellers and buyers, this can come pre set with a wallet which the seller has access to, anything sent there will be stolen, or it can come with a malware that puts the user at risk.

Always buy from the offial website/store and check the device properly before using.

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Quote from: BitMaxz on June 11, 2024, 02:51:23 PM

Quote from: Z-tight on June 11, 2024, 01:39:18 PM

I have not heard so much about juice jacking, and i don't know if there have been actual victims of this malware. Nevertheless if you have your wallet in an offline device, you are not expected to carry it around all the time, or charge it often in a public place.

Juice jacking I think you can only find this in public places It's not a good idea to randomly charge your phone anywhere outside your home you better bring your own portable power bank than randomly charge it anywhere in public places.

Not just in public places but as well as private rooms via hotel rooms. You'll never know where you can be targeted and your safest place is only your home because you know what you are connecting to with your device. Oh, before I forgot be careful also where you order your cables. IIRC, I've seen a video that even in keyboards, there could be a potential juice jacking. That's why if it's about our wallets, we only use cables what's being provided by the hardware wallet we bought and never use random of it.

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Quote from: Z-tight on June 11, 2024, 01:39:18 PM

I have not heard so much about juice jacking, and i don't know if there have been actual victims of this malware. Nevertheless if you have your wallet in an offline device, you are not expected to carry it around all the time, or charge it often in a public place.

Juice jacking I think you can only find this in public places It's not a good idea to randomly charge your phone anywhere outside your home you better bring your own portable power bank than randomly charge it anywhere in public places.

And I don't think we would bring an offline wallet outside our home if you want to go outside you need to transfer a small amount to another device because bringing your offline wallet outside if all of your funds are saved on this wallet that is pretty risky. So I think much better to generate another wallet that you can bring outside your home and transfer only a small amount that you can afford to lose. So that it won't be hurt if it was stolen physically or victim by juice jacking.

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Quote from: Floxynice on June 11, 2024, 02:45:52 AM

Whether you are using an online wallet or offline wallet, you need to be security conscious always to ensure the safety of your coins. Your cold wallet can still be hacked by scammers and all your coins stolen if you are careless with your device.

There is nothing that is 100% secure, but your funds is surely more secure in an offline wallet than in one that is connected to the internet. Take note that if you are using an online wallet, no matter how careful you think you can be, one mistake can cause you to lose your money, but if your phone is completely disconnected from the internet, you are not vulnerable to online attacks.

Quote from: Floxynice on June 11, 2024, 02:45:52 AM

I got lots of responses and one which truly got my attention is the juice jacking hack. Yea! Your cold wallet is still not safe if you are fond of charging your device in public places like hotels, airports etc because your data can be exported from your device to another device just through a USB cable.

I have not heard so much about juice jacking, and i don't know if there have been actual victims of this malware. Nevertheless if you have your wallet in an offline device, you are not expected to carry it around all the time, or charge it often in a public place.

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Whether you are using an online wallet or offline wallet, you need to be security conscious always to ensure the safety of your coins. Your cold wallet can still be hacked by scammers and all your coins stolen if you are careless with your device.

Once I made a post asking if my wallet can be still be hacked if I keep my new device (which I bought for the purpose of the wallet) offline. I got lots of responses and one which truly got my attention is the juice jacking hack. Yea! Your cold wallet is still not safe if you are fond of charging your device in public places like hotels, airports etc because your data can be exported from your device to another device just through a USB cable.

To protect your Bitcoin wallet, avoid charging your device just anywhere because these scammers are very smart.

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Quote from: NotATether on May 23, 2024, 02:34:01 AM

Yes, and for a good reason - because they are not transparent. Nobody can know for sure whether crypto is actually being held in such an "institutional cold data storage" or if it just being placed inside some internet-connected wallet with a password.

And then there is also the problem of the exchanges themselves denying you access to your own funds, but that is a different story.

One of important announcements in Technical board is

Reminder: do not keep your money in online accounts

Trusting centralized exchanges to store your bitcoin in "Institutional cold storage" is not different than trusting them with online accounts, hot wallets because they, centralized exchanges, are custodians, not users.

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Yes!
The more secure way to protect your wallet is by storing your coins in cold wallet because it can't be easily penetrate by scammers

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Quote from: satscraper on May 26, 2024, 05:33:48 AM

In most cases there is no need to do upgrade of the cold wallet. Sure, this is true while this cold wallet is saving its capability to sign transactions generated by hot counterpart. should new scripts unknown to cold wallet appear the latter has to be updated and USB threat takes a stand.

Yes, I know. That's one of the reasons I am asking. The cold wallet only signs the transactions that the hot wallet creates on its end, and it doesn't need to be updated to the newest versions unless those updates fix important bugs and errors that might be present in the older versions. Or, like you said, something has changed that affects the signing process.

There is a misconception about airgapped computers, and I wanted to see if bettercrypto does it properly and keeps things as safe as possible.

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Quote from: Z-tight on May 25, 2024, 04:32:30 PM

You cannot always be too careful if you use your wallet in the same device you browse the internet with. Take note that anything online is prone to attack, so even if you are careful and update your wallet to the most recent version, your funds are not safe. If you are storing a large amount in BTC, then the safest option is to use an offline wallet, and that is either a hardware or airgapped wallet.

Quote from: Pmalek on May 26, 2024, 02:56:09 AM

I hope you aren't connecting it to the internet when there is an update. Do you copy the installation files of the new versions on a USB from your internet-connected computer and move it to your airgapped one? That too could present some risks if your internet-connected machine isn't safe and is perhaps malware-infected because of something you did there that you shouldn't have.

Everything connected to the internet will be an invisible loophole, especially if the device used is already infected with malware that is not even detected by antivirus (maybe a new type of malware) or malware like Xenomorph which was horrendous because it was not detected and could infect many devices to steal important credentials and several crypto wallets on the device.

Quite skeptical when all these loopholes allow the Electrum wallet or any other wallet to be hacked.

Quote from: satscraper on May 26, 2024, 05:33:48 AM

-snip-
should new scripts unknown to cold wallet appear the latter has to be updated and USB threat takes a stand. The same threat may be relevant at initial Electrum installation on the airpapped machine. That is why for the cold wallet I would prefer to use Electrum already incorporated into Tails distro . This Tails in turn could boot up the airgap machine and be updated via download of new distro release.

Electrum which is incorporated with Distro Tails OS is indeed quite good because it has been perfected for the privacy and security of the Electrum wallet.
Creating a bootable USB Stick Tails OS in which there is an Electrum Wallet is a DIY Cold Wallet that can be an alternative to personal wallet security besides using Hardware wallets such as ledger and Trezor.

But whether the OS distro update will run automatically like the appearance of Pop up, or need to do the Command manually first on the terminal.

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Quote from: Pmalek on May 26, 2024, 02:56:09 AM

Quote from: bettercrypto on May 25, 2024, 07:42:35 AM

Electrum is just one of the good examples of cold wallets that I have been using for several years in the field of crypto space, and I haven't had any problems until now because every time there are updates, I do it, and that's what I always do.

How do you update your Electrum software on your airgapped machine? I hope you aren't connecting it to the internet when there is an update. Do you copy the installation files of the new versions on a USB from your internet-connected computer and move it to your airgapped one? That too could present some risks if your internet-connected machine isn't safe and is perhaps malware-infected because of something you did there that you shouldn't have.

In most cases there is no need to do upgrade of the cold wallet. Sure, this is true while this cold wallet is saving its capability to sign transactions generated by hot counterpart. should new scripts unknown to cold wallet appear the latter has to be updated and USB threat takes a stand. The same threat may be relevant at initial Electrum installation on the airpapped machine. That is why for the cold wallet I would prefer to use Electrum already incorporated into Tails distro . This Tails in turn could boot up the airgap machine and be updated via download of new distro release.

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Quote from: bettercrypto on May 25, 2024, 07:42:35 AM

Electrum is just one of the good examples of cold wallets that I have been using for several years in the field of crypto space, and I haven't had any problems until now because every time there are updates, I do it, and that's what I always do.

How do you update your Electrum software on your airgapped machine? I hope you aren't connecting it to the internet when there is an update. Do you copy the installation files of the new versions on a USB from your internet-connected computer and move it to your airgapped one? That too could present some risks if your internet-connected machine isn't safe and is perhaps malware-infected because of something you did there that you shouldn't have.

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Quote from: bettercrypto on May 25, 2024, 07:42:35 AM

but if you don't, it's fine as long as you always be careful and always update the wallet, if ever, which always has updates.

You cannot always be too careful if you use your wallet in the same device you browse the internet with. Take note that anything online is prone to attack, so even if you are careful and update your wallet to the most recent version, your funds are not safe. If you are storing a large amount in BTC, then the safest option is to use an offline wallet, and that is either a hardware or airgapped wallet.

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Quote from: Plan well on May 23, 2024, 02:20:26 AM

Cold wallet are the best way to secure your Bitcoins because they cannot be accessed.
Once you transfer your keys to the cold storage , only transfer what you need to your hot wallets.
Also, avoid custodial storage arrangements unless you need to use it for trading purpose or want limited insurance coverage.

KEY TAKEWAYS

1, the best way to secure your keys is to combine cold and hot wallet uses so that only the cryptocurrency you need at the moment is in the connected wallet.

2, cold wallet, also called cold storage the best way to secure your Bitcoins private keys .

3, some exchange provide institutional_level secure cold data storage for user's kes, but some critics advise against this method.

We should always be very careful and did our research especially we newbie we easily get into a scammers I think we should pay attention to our high rank leaders.
Because forum is very wide and full of scammers.

There are only two safe things that I can think of, one of which is the seed phrase and private key when we use a hot or cold wallet. But as long as you can, if you have a hardware wallet to buy, buy it, but if you don't, it's fine as long as you always be careful and always update the wallet, if ever, which always has updates.

Electrum is just one of the good examples of cold wallets that I have been using for several years in the field of crypto space, and I haven't had any problems until now because every time there are updates, I do it, and that's what I always do.

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Quote from: Plan well on May 23, 2024, 02:20:26 AM

Once you transfer your keys to the cold storage , only transfer what you need to your hot wallets.

You don't transfer your wallet's keys to cold storage — you generate your wallet's keys on the cold storage. If you generate your wallet's keys on a not_cold_storage wallet then imported the keys onto the cold storage, then it defeats the purpose of cold storage as there's a chance that it might've already been leaked.

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Quote from: Plan well on May 23, 2024, 02:20:26 AM

Cold wallet are the best way to secure your Bitcoins because they cannot be accessed.

They can't be accessed online and remotely if the keys were generated in a cold environment, but a cold wallet isn't safe just because it's offline. If it's not encrypted and other people can access the device physically or are using it for other activities, your keys could be at risk.

Quote from: Plan well on May 23, 2024, 02:20:26 AM

Once you transfer your keys to the cold storage , only transfer what you need to your hot wallets.

This doesn't sound right. Keys generated in a hot wallet and imported into a cold wallet don't magically turn cold. They will always have that history tied to them. That history says that their origin is from a hot wallet. They need to be generated in cold storage to be cold.

Quote from: Plan well on May 23, 2024, 02:20:26 AM

3, some exchange provide institutional_level secure cold data storage for user's kes, but some critics advise against this method.

These are just strong-sounding words meant to inspire trust and security. In reality, it's a custodial service like any other, where you give custody over your keys to someone else. You have no idea what security they employ to safeguard sensitive information, and all you can do is trust them that they will do a good job. That's why you shouldn't do it.

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Quote from: hugeblack on May 24, 2024, 12:58:14 AM

How will you combine cold and hot wallet? Because the moment your wallet is connected to the Internet, we cannot say that it is cold storage.
~snip~

The communication between cold wallets and "online wallets" always goes the same way - the user uses QR codes or transfers the signed transaction with an SD card to a device that is online and broadcasts the same transaction from there. Using such methods ensures that cold wallets do not have a direct connection to the internet, which means that they remain beyond the reach of hackers.

Of course, all this makes sense if we generated our backup in a safe way and if it is stored safely.

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Quote from: Plan well on May 23, 2024, 02:20:26 AM

1, the best way to secure your keys is to combine cold and hot wallet uses so that only the cryptocurrency you need at the moment is in the connected wallet.

How will you combine cold and hot wallet? Because the moment your wallet is connected to the Internet, we cannot say that it is cold storage.

Quote from: Plan well on May 23, 2024, 02:20:26 AM

The only way for this to be acceptable is to create the private keys yourself, but in this case, why use an exchange, as centralized exchanges do not allow this.

3, some exchange provide institutional_level secure cold data storage for user's kes, but some critics advise against this method.

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Quote from: Plan well on May 23, 2024, 02:20:26 AM

Once you transfer your keys to the cold storage , only transfer what you need to your hot wallets.

This seems like a typo but I have to clarify that you would transfer your coins to a cold storage not your keys. The keys have to be generated offline on an airgap system to be secure from the beginning. If keys are generated elsewhere (connected system) and then you cut the internet, that doesn't make it secure.

Quote from: Plan well on May 23, 2024, 02:20:26 AM

Also, avoid custodial storage arrangements unless you need to use it for trading purpose or want limited insurance coverage.

Technically even for trading you must never "store" your coins with a third party. You just place them in open orders while trading and cash out the moment you don't want to continue executing any trade.

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This is the technical part of the forum, and most users who frequent this board already know what you are talking about in your op, and you have even got a few thing wrong there. However, that isn't the point, you should probably move this topic to beginners section, i think that is the most appropriate board for it.

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Quote from: Plan well on May 23, 2024, 02:20:26 AM

1, the best way to secure your keys is to combine cold and hot wallet uses so that only the cryptocurrency you need at the moment is in the connected wallet.

It's true but unfortunately Bitcoin on-chain transactions are very expensive, and there is no way to use Lightning Network with a cold wallet. So it's hard to only hold small BTC amounts into a hot wallet if you need to spend BTC frequently, otherwise you will lose a substantial part of your funds in transaction fees payments.

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Quote from: Plan well on May 23, 2024, 02:20:26 AM

Cold wallet are the best way to secure your Bitcoins because they cannot be accessed.
Once you transfer your keys to the cold storage , only transfer what you need to your hot wallets.
Also,

Firstly yes the cold storage are regarded as the most secure means of storing your bitcoin simply because your keys do not get access to the internet of at all they are setup well. But that doesn’t mean they can get access to them, you still need to secure the device and most importantly the seed phrase or private key well. Should any one get hold of you seed phrase back up then they can simply get access to the wallet.

Quote from: Plan well on May 23, 2024, 02:20:26 AM

1, the best way to secure your keys is to combine cold and hot wallet uses so that only the cryptocurrency you need at the moment is in the connected wallet.

I agree with you that little amounts for daily spending can still be kept on hot wallets, but it seems you’re confusing the word connecting both. You can simply use a hot wallet to track transactions of your cold wallet in a watch only mode and also use to create an unsigned transaction and also to broadcast a signed transaction also.

Quote from: Plan well on May 23, 2024, 02:20:26 AM

2, cold wallet, also called cold storage the best way to secure your Bitcoins private keys .

I can’t agree less but the best method again is how you back it up offline, do not leave them laying on cold storage device only, the device can maybe run into problems and you will need a backup to recover your wallet. Back your keys up offline in two to three different places

Quote from: Plan well on May 23, 2024, 02:20:26 AM

3, some exchange provide institutional_level secure cold data storage for user's kes, but some critics advise against this method.

You call them critics? I don’t, stay off centralized exchanges that promise to secure your funds for you, be your own bank by going for self custodial wallet

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Quote from: Plan well on May 23, 2024, 02:20:26 AM

3, some exchange provide institutional_level secure cold data storage for user's kes, but some critics advise against this method.

Yes, and for a good reason - because they are not transparent. Nobody can know for sure whether crypto is actually being held in such an "institutional cold data storage" or if it just being placed inside some internet-connected wallet with a password.

And then there is also the problem of the exchanges themselves denying you access to your own funds, but that is a different story.

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Cold wallet are the best way to secure your Bitcoins because they cannot be accessed.
Once you transfer your keys to the cold storage , only transfer what you need to your hot wallets.
Also, avoid custodial storage arrangements unless you need to use it for trading purpose or want limited insurance coverage.

KEY TAKEWAYS

1, the best way to secure your keys is to combine cold and hot wallet uses so that only the cryptocurrency you need at the moment is in the connected wallet.

2, cold wallet, also called cold storage the best way to secure your Bitcoins private keys .

3, some exchange provide institutional_level secure cold data storage for user's kes, but some critics advise against this method.

We should always be very careful and did our research especially we newbie we easily get into a scammers I think we should pay attention to our high rank leaders.
Because forum is very wide and full of scammers.

Topic: Best way to protect your Bitcoins wallet (Read 510 times)